A crook nonchalantly approaches a car under the cover of pitch black darkness on a silent night. He does not have a crowbar with him. And he strides along with the poise of ownership. Without a noise or even a fragment of damage, the car is skilfully unlocked by the thief. He noiselessly gets in and drives away as silent as ever, without eliciting any alarms or destroying the car. And the owner wakes up to a car-less space.
Sounds like a common urban criminal tale or a scene copied from a Bollywood movie? Well, unfortunately it is rather a common occurrence. If life was totally foreseeable and safe, the notion insurance in all probability would never even have conceived. But you do not know what is going to happen around the corner, particularly when you are actually driving your car. This is precisely the reason why car insurance is no longer an option but mandatory as per the Indian law.
If you think about it, you might rather spend your hard-earned bucks on essentials, food, clothes, holidays or even savings than some dreary car insurance plan. It is one investment that you hope to never use. Yes, you worry less and sleep better, thanks to this ‘lackluster’ spend. For instance, car thieving is as old as cars itself. You might come out from a mall after shopping and find your car vanished or right from your garage. The situation is quite unpredictable and your immediate concern should be to curb the losses rather than chasing after an evasive thief.
Let us explore what are the pointers to keep in mind to get insurance for stolen car:
- If your car gets stolen, an all-inclusive car insurance cover will take care of it, meaning full cost of the vehicle will be compensated for.
- Evidently, the first thing to do is inform the police and file an FIR. Meanwhile inform your insurance company too (either by calling at their toll free number or dropping in at the nearest branch).
- Submit copy of FIR, every document related to the car (receipt, premium papers, VIN) and photographs of the car at the claim desk.
- When a stolen car is written off due to some reason by your insurer, you must be adequately recompensed permitting you to purchase a similar car on the open market. Insurance providers will generally try to fob you off with a market estimate. You have full right to demand an amount that enables you to get a replacement in the same manner in which you procured your original car.
- If your car had a predominantly high value owing to its ideal condition, less mileage, safety device installation or other alterations, it will help if you can submit proof to that effect. Always keep printed records of your mileage, bill receipts and photos, as well as papers connecting to what you have disbursed and when and where.
Best Car Insurance Option for Stolen Cars in India
There are various car insurance policies offered by leading General Insurance providers, which offers coverage for insured vehicles that are stolen. Some of these insurance providers are:
- ICICI Lombard Car Insurance
- Bharti Axa Car Insurance
- Bajaj Allianz Car Insurance
- HDFC Ergo Car Insurance
- Chola MS Car Insurance
- Future Generali Car Insurance
- IFFCO Tokio Car Insurance
- L&T Car Insurance
Theft Claim Process for Stolen Cars
In the event of theft, the insurance holder must register the claim by calling the customer care center of the insurance provider. They will register the claim and assist you on the claims process and also provide you a claim reference number for further reference. You should also go to the nearest police station and file an FIR if your vehicle has been stolen. Most car insurance providers have a time limit for the same.
Documents Required for Theft Claims Process
- Claim form that is filled and signed by the policy holder
- The Motor Insurance Policy (Original)
- Original Registration Certificate
- The FIR filed at the police station
- All the original keys to the vehicle
- Original sales invoice of the car or the Tax receipt
- Informing the theft to the RTO and signed transfer papers from the RTO with forms such as Form 29, Form 28, Form 30 and Form 35.
- Indemnity Bond
- Subrogation letter
Key Points to Remember While Making a Theft Claim
- Make sure that your policy covers theft of the insured vehicle.
- When you have come to know about the theft, immediately register a claim with your insurance provider.
- You have to inform the police of the same and file an FIR. The same will be required at the time of documentation.
- If you have not informed the police and the insurance provider in a timely manner, your claim can be rejected.
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GST Update: GST of 18% is applicable on car insurance effective from the 1st of July, 2017